Utility Trucks Market Strategies and Share 2031
The Utility Trucks Market is expected to register a CAGR of 8.2% during 2023–2031. The rise in focus towards product development of technologically advanced electric and hybrid utility truck is likely to remain a key trend in the market.
Utility Trucks Market Analysis
- Significant growth in the utility truck market is projected until 2031, driven by several factors such as technology progress, urbanization and economic conditions, government regulation on global markets.
- The market for utility trucks is projected to grow exponentially with the Opportunity of hybrid vehicle, E-commerce, Personalization, and customization.
Utility Trucks Market Overview
- A utility vehicle, also known as service truck, is a type of vehicle intended to carry and transport tools, equipment, or material for different purposes.
- The Asia Pacific region holds the largest market share in the global utility truck market, Europe is another important regional market for utilities trucks, and North America has become a significant player on the Global Utility Vehicle Market.
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Utility Trucks Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Utility Trucks Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Utility Trucks Market Drivers and Opportunities
Growth of Manufacturing and Logistic Sector to Favor the Market
- The continuous global trend of industrialization and logistic sector growth primarily drives the Utility Trucks market. The adoption of Utility Trucks is being driven by the need for effective material handling and logistics solutions as industries grow and production volumes rise.
- The demand for industrial vehicles is partly attributed to the supply chain’s subsequent optimization.
- Modern supply chain management depends heavily on efficient material handling and logistics, thereby, businesses are investing in automated and adaptable vehicles that can operate in the dynamic environments of warehouses and distribution centers.
Electrification of Utility Trucks
- Utility Trucks that operate on batteries have become significant traction in recent years.
- The main benefit of battery-powered engines is their environmentally friendly design.
- These engines are ideal for industrial and warehouse projects because they emit fewer emissions.
- Therefore, as smart factories and battery-operated vehicles become more widely used in the material handling industries, digitalization and modularization will follow, further propelling market growth and generating enormous opportunities for the industry in the upcoming years.
Utility Trucks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Utility Trucks Market analysis are type, and propulsion type.
- Based on type, the Utility Trucks Market is divided into garbage truck, fire truck, dump truck, and sweeper truck.
- On the basis of propulsion type, the market is divided into diesel, gasoline, CNG, electric, and hybrid.
Utility Trucks Market Share Analysis by Geography
- Utility Trucks Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Utility Trucks Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the Utility Trucks Market in these regions.
Utility Trucks Market Report Scope
Utility Trucks Market News and Recent Developments
The Utility Trucks Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Utility Trucks Market are listed below:
- Daimler Truck North America, LLC (DTNA), the nation’s largest manufacturer of Class 6-8 commercial vehicles, has entered into a long-term agreement with Hexagon Purus, a leading manufacturer of zero-emission mobility and infrastructure solutions, to provide complete vehicle integration of the battery electric Freightliner eM2, which was developed to serve vocational applications. (Source: Daimler Truck North America, Company Website, November 2023)
- Custom Truck One Source and Battle Motors Announce New Partnership. Through this partnership, Custom Truck will offer Battle Motors' full cabover line, including electric trucks, as well as parts and service to the Kansas City, MO market and other cities. The partnership will enable Battle Motors to leverage Custom Truck’s distribution channels and expand their market presence while providing first-class customer service and support on a national level. (Source: Battle Motors, Company Website, October 2022)
Utility Trucks Market Report Coverage and Deliverables
The “Utility Trucks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Utility Trucks Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Utility Trucks Market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Utility Trucks Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Utility Trucks Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global Utility Trucks Market is expected to grow at a CAGR of 8.2% during the forecast period 2023 - 2031.
Growth of manufacturing and logistic sector is the major factors driving the Utility Trucks Market.
The rise in focus towards product development of technologically advanced electric and hybrid utility truck is the key future trend in the global Utility Trucks Market in the coming years.
The leading players operating in the Utility Trucks Market include Auto Crane (Dover Corporation), Bucher Industries, BYD Motors, Inc, Daimler AG, Elliott Equipment Company, Hiab (Cargotec Corporation), IMT (Iowa Mold Tooling Co., Inc.), Manitex International, Inc., AB Volvo, Aichi Corporation, Altec Industries, Inc., and Aspen Equipment Company.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Utility Trucks Market - By Type
1.3.2 Utility Trucks Market - By Propulsion Type
1.3.3 Utility Trucks Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. UTILITY TRUCKS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER’S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. UTILITY TRUCKS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. UTILITY TRUCKS MARKET - GLOBAL MARKET ANALYSIS
6.1. UTILITY TRUCKS - GLOBAL MARKET OVERVIEW
6.2. UTILITY TRUCKS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. UTILITY TRUCKS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. GARBAGE TRUCK
7.3.1. Overview
7.3.2. Garbage Truck Market Forecast and Analysis
7.4. FIRE TRUCK
7.4.1. Overview
7.4.2. Fire Truck Market Forecast and Analysis
7.5. DUMP TRUCK
7.5.1. Overview
7.5.2. Dump Truck Market Forecast and Analysis
7.6. SWEEPER TRUCK
7.6.1. Overview
7.6.2. Sweeper Truck Market Forecast and Analysis
8. UTILITY TRUCKS MARKET - REVENUE AND FORECASTS TO 2028 - PROPULSION TYPE
8.1. OVERVIEW
8.2. PROPULSION TYPE MARKET FORECASTS AND ANALYSIS
8.3. DIESEL
8.3.1. Overview
8.3.2. Diesel Market Forecast and Analysis
8.4. GASOLINE
8.4.1. Overview
8.4.2. Gasoline Market Forecast and Analysis
8.5. CNG
8.5.1. Overview
8.5.2. CNG Market Forecast and Analysis
8.6. ELECTRIC
8.6.1. Overview
8.6.2. Electric Market Forecast and Analysis
8.7. HYBRID
8.7.1. Overview
8.7.2. Hybrid Market Forecast and Analysis
9. UTILITY TRUCKS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Utility Trucks Market Overview
9.1.2 North America Utility Trucks Market Forecasts and Analysis
9.1.3 North America Utility Trucks Market Forecasts and Analysis - By Type
9.1.4 North America Utility Trucks Market Forecasts and Analysis - By Propulsion Type
9.1.5 North America Utility Trucks Market Forecasts and Analysis - By Countries
9.1.5.1 United States Utility Trucks Market
9.1.5.1.1 United States Utility Trucks Market by Type
9.1.5.1.2 United States Utility Trucks Market by Propulsion Type
9.1.5.2 Canada Utility Trucks Market
9.1.5.2.1 Canada Utility Trucks Market by Type
9.1.5.2.2 Canada Utility Trucks Market by Propulsion Type
9.1.5.3 Mexico Utility Trucks Market
9.1.5.3.1 Mexico Utility Trucks Market by Type
9.1.5.3.2 Mexico Utility Trucks Market by Propulsion Type
9.2. EUROPE
9.2.1 Europe Utility Trucks Market Overview
9.2.2 Europe Utility Trucks Market Forecasts and Analysis
9.2.3 Europe Utility Trucks Market Forecasts and Analysis - By Type
9.2.4 Europe Utility Trucks Market Forecasts and Analysis - By Propulsion Type
9.2.5 Europe Utility Trucks Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Utility Trucks Market
9.2.5.1.1 Germany Utility Trucks Market by Type
9.2.5.1.2 Germany Utility Trucks Market by Propulsion Type
9.2.5.2 France Utility Trucks Market
9.2.5.2.1 France Utility Trucks Market by Type
9.2.5.2.2 France Utility Trucks Market by Propulsion Type
9.2.5.3 Italy Utility Trucks Market
9.2.5.3.1 Italy Utility Trucks Market by Type
9.2.5.3.2 Italy Utility Trucks Market by Propulsion Type
9.2.5.4 United Kingdom Utility Trucks Market
9.2.5.4.1 United Kingdom Utility Trucks Market by Type
9.2.5.4.2 United Kingdom Utility Trucks Market by Propulsion Type
9.2.5.5 Russia Utility Trucks Market
9.2.5.5.1 Russia Utility Trucks Market by Type
9.2.5.5.2 Russia Utility Trucks Market by Propulsion Type
9.2.5.6 Rest of Europe Utility Trucks Market
9.2.5.6.1 Rest of Europe Utility Trucks Market by Type
9.2.5.6.2 Rest of Europe Utility Trucks Market by Propulsion Type
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Utility Trucks Market Overview
9.3.2 Asia-Pacific Utility Trucks Market Forecasts and Analysis
9.3.3 Asia-Pacific Utility Trucks Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Utility Trucks Market Forecasts and Analysis - By Propulsion Type
9.3.5 Asia-Pacific Utility Trucks Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Utility Trucks Market
9.3.5.1.1 Australia Utility Trucks Market by Type
9.3.5.1.2 Australia Utility Trucks Market by Propulsion Type
9.3.5.2 China Utility Trucks Market
9.3.5.2.1 China Utility Trucks Market by Type
9.3.5.2.2 China Utility Trucks Market by Propulsion Type
9.3.5.3 India Utility Trucks Market
9.3.5.3.1 India Utility Trucks Market by Type
9.3.5.3.2 India Utility Trucks Market by Propulsion Type
9.3.5.4 Japan Utility Trucks Market
9.3.5.4.1 Japan Utility Trucks Market by Type
9.3.5.4.2 Japan Utility Trucks Market by Propulsion Type
9.3.5.5 South Korea Utility Trucks Market
9.3.5.5.1 South Korea Utility Trucks Market by Type
9.3.5.5.2 South Korea Utility Trucks Market by Propulsion Type
9.3.5.6 Rest of Asia-Pacific Utility Trucks Market
9.3.5.6.1 Rest of Asia-Pacific Utility Trucks Market by Type
9.3.5.6.2 Rest of Asia-Pacific Utility Trucks Market by Propulsion Type
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Utility Trucks Market Overview
9.4.2 Middle East and Africa Utility Trucks Market Forecasts and Analysis
9.4.3 Middle East and Africa Utility Trucks Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Utility Trucks Market Forecasts and Analysis - By Propulsion Type
9.4.5 Middle East and Africa Utility Trucks Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Utility Trucks Market
9.4.5.1.1 South Africa Utility Trucks Market by Type
9.4.5.1.2 South Africa Utility Trucks Market by Propulsion Type
9.4.5.2 Saudi Arabia Utility Trucks Market
9.4.5.2.1 Saudi Arabia Utility Trucks Market by Type
9.4.5.2.2 Saudi Arabia Utility Trucks Market by Propulsion Type
9.4.5.3 U.A.E Utility Trucks Market
9.4.5.3.1 U.A.E Utility Trucks Market by Type
9.4.5.3.2 U.A.E Utility Trucks Market by Propulsion Type
9.4.5.4 Rest of Middle East and Africa Utility Trucks Market
9.4.5.4.1 Rest of Middle East and Africa Utility Trucks Market by Type
9.4.5.4.2 Rest of Middle East and Africa Utility Trucks Market by Propulsion Type
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Utility Trucks Market Overview
9.5.2 South and Central America Utility Trucks Market Forecasts and Analysis
9.5.3 South and Central America Utility Trucks Market Forecasts and Analysis - By Type
9.5.4 South and Central America Utility Trucks Market Forecasts and Analysis - By Propulsion Type
9.5.5 South and Central America Utility Trucks Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Utility Trucks Market
9.5.5.1.1 Brazil Utility Trucks Market by Type
9.5.5.1.2 Brazil Utility Trucks Market by Propulsion Type
9.5.5.2 Argentina Utility Trucks Market
9.5.5.2.1 Argentina Utility Trucks Market by Type
9.5.5.2.2 Argentina Utility Trucks Market by Propulsion Type
9.5.5.3 Rest of South and Central America Utility Trucks Market
9.5.5.3.1 Rest of South and Central America Utility Trucks Market by Type
9.5.5.3.2 Rest of South and Central America Utility Trucks Market by Propulsion Type
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. UTILITY TRUCKS MARKET, KEY COMPANY PROFILES
11.1. AEBI SCHMIDT GROUP
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AB VOLVO
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BUCHER INDUSTRIES
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. BYD MOTORS INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. CHINA FAW GROUP CO.,LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. DAIMLER AG
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. DONGFENG COMMERCIAL VEHICLE COMPANY LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. DOVER CORPORATION
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. MAGIRUS
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. ROSENBAUER INTERNATIONAL AG.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Aebi Schmidt Group
2. AB Volvo
3. Bucher Industries
4. BYD Motors Inc.
5. China FAW Group Co.,Ltd.
6. Daimler AG
7. Dongfeng Commercial Vehicle Company Limited
8. Dover Corporation
9. Magirus
10. Rosenbauer International AG.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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